WSIB moves repayment schedule for COVID-19 deferrals to January
Canadian Plastics
Canadian Plastics COVID-19The financial relief package remains available to Ontario businesses until August 31, 2020, allowing businesses to defer premium reporting and payments between March to August interest-free and without penalty.
To continue to help reduce the financial burden on businesses during COVID-1, Ontario’s Workplace Safety and Insurance Board’s (WSIB) has announced the repayment schedule of deferred premiums offered as part of its COVID-19 financial relief package will not begin before January 2021.
The financial relief package remains available to Ontario businesses until August 31, 2020, allowing businesses to defer premium reporting and payments between March to August interest-free and without penalty.
Businesses that report and pay monthly, quarterly or annually based on their insurable earnings are eligible for the deferral.
Any employer participating in the financial relief package will have to report deferred amounts by October 31, 2020. Regular monthly and quarterly reporting and payment schedules will resume in September 2020 for all businesses.
The WSIB will provide more information on the repayment schedule for deferred amounts, along with 2021 premium rate information, in the fall.
For more information about the latest updates to the WSIB financial relief package, along with details about reporting and payments, click on this link.
